Forum Replies Created
when steve explained the velocity of money, i really had one of those “a ha” moments. it finally all made sense to me. ive heard people talk about add valueing etc but thought it just meant upping the rent. brad sugars say’s if you cant pay cash for your toys then dont buy them. i could never work out how the hell you pay cash on a buy and hold even if it is pos geared. after the seminar the friend i took with me and i sat in the hotel room making plans. this is what i’m doing next.
sell 2 beddy unit, bank valuation 195k but in todays market will get 170k
CGT etc will cost me 12000,
that leaves me with 158,000 dollars (i own it outright)
renovate IP in darwin and sell
costs for reno will be about 5k
sell unit for 250k, and after expenses i will be left with about 20k (this is a neutral geared IP)
then its off to do some velocity of money for the next year (reno’s, flips, sub divisions). i have a meeting with the accountant and the mortgage broker this afternoon, to work out a business plan.
i am now a man on a mission,
will let you all know how i get on
cheers
shaunLead, Follow or get out of the bloody way
thanks for your replies, i am trying to keep the tennants if possible.
just rang PM then. and have managed to solve the problem. he will go to the tennnants and tell them that rent will go up 10 dollars a week in september. in return, once a lease is signed, they get new security screens and the place will be repainted and new curtains put in.
i’ve decided that after thinking about what steve said at his seminar, i am selling off an Ip now (my choice) and will renovate Ip in darwin early next year with some of the profits then sell the darwin property during the peak season.
giving me the velocity of cash for more investments.
i just didnt want to barge ahead, demanding rent increases without add valueing, just trying to produce a win/win situation and make some money from doing things differently
thanks all
shaunLead, Follow or get out of the bloody way
thanks yack, i was just thinking i should confirm the increase with some figures. i will go to the bodycorp mob and find out who property manages the other units and ring them.
as you said, do i keep the rent 5 – 10 dollars below valuation due to good tennants, or is the 10 dollars justified.
cheers mate
shaunLead, Follow or get out of the bloody way
whittle’s are in charge of my property in darwin as well. theres an abondoned car in the car park, which they wont get rid of. we ended up coming to an agreement where they will do all the legwork and i would pay for it separetly. i should have just taken off the number plates and pushed the damn thing onto the street.
found them nice enough people but not much in the way of actually doing anything.
cheers
shaunLead, Follow or get out of the bloody way
dont worry about it mel, the pub sold a couple of days ago. i thought there was 9 pokies but there are 16, and he wanted to sell a couple to get his COCR within 3 – 6 months.
thanks everyone for your help in answering my questions, it was greatly appreciated.
oh well onto the next deal
cheers
shaunLead, Follow or get out of the bloody way
i found the information very usefull. i had alot of “a ha” moments. great to finally meet “gutsby”, minimogul, mortgagehunter etc.
i even found i guy (i dont know his online name) who we are looking into doing joint ventures. Nelson where are you?.
again daves presentation on NZ was ok, though i didnt really get alot out of it, ie why are you paying 30% deposits. it was hinted at tax implications, but what tax implications?
loved the DR Suess book, will have to keep an eye out for it.
mostly it was a great day, and well worth the money.
will speak to you all soon
cheers
shaunLead, Follow or get out of the bloody way
no you’re not missing anything. its just that we are after long term cashflow. obviously if it all went pear shaped we could sell everything off and payout debts and still be left with a nice little profit.
its just that we are after consistent income.
cheers
shaunLead, Follow or get out of the bloody way
we are buying the whole lot,so theres no lease involved. there are 16 pokies in the pub. i think my partner wants to sell a couple to draw down on the debts used to borrow the 30% deposit.
i will have to look into the effects of the cashflow should we end up selling 2 poker machines (at 100k each).
ive been in contact with the SA liquor license, and they are very helpfull. we need to get a transfer of liquor/gaming license which is pretty straight forward from what i understand.
chefman, i havent received your email yet, but will wait a bit longer, if i dont get it i will let you know.
will let you all know more about the pub as the information arrives.
cheers
shaunLead, Follow or get out of the bloody way
Thanks for the offer chefman!
but i’ve sort of made arrangements to catch up with a few forumites for drinks in the city saturday night. are you going to the seminar on sunday?
if not, i will catch up with you at another date and buy you a beer. even if this means i come down to melbourne for the weekend.
again i appreciate your help.
cheers
shaunLead, Follow or get out of the bloody way
thanks simon,
i will keep in contact with chefman. i will give you a call saturday arvo to see where you are for a beer in melbourne.
cheers mate
shaunLead, Follow or get out of the bloody way
thanks for all your help.
chefman i will be in touch with you personally if thats ok. yeah 120k gross doesnt sound right, though bare in mind no books etc have even been looked at yet. a company definetly sounds the way to go. and checking the turnover will be a must. oh well sounds like i have alot more to learn, before we even make an offer.
i will definetly check out the pub/locals etc to make sure that nothing untoward is happening.
again thanks for all your help guys and girls.
i will let you know more numbers etc as i get them (they are being sent this week)
cheers
shaunLead, Follow or get out of the bloody way
i saw a programme a while ago on abc. the locals were complaining about the noise. the company who had put the wind thingys up said there was no noise, but the programme showed that there was a very annoying humming/whistling sound.
the locals were not happy!, complaining that the price of their houses had gone down etc.
i would suggest you speak to the locals before buying in an area like that, if only for peace of mind.
cheers
shaunLead, Follow or get out of the bloody way
i pay 125 dollars an hour, which is pretty good. the cost for information on trusts/companies etc did cost me around 500 dollars.
i email my accountant with questions, which he answers at no cost, mind you am in his office every three months doing BAS statements!
misty1 hit it on the head, the more you know before going into the accountants office the better prepared you are (and cheaper)
cheers
shaunLead, Follow or get out of the bloody way
i was going to hit you up for some money mel, damn i should have called you.
while i’m at it, spammers will have to meet up at the end of the month, for the debrief on the seminar. i will contact you via email.
cheers
shaunLead, Follow or get out of the bloody way
dont worry mel, i would have hit you up for some money anyway!
congrats on the win mike, i ran out of money after buying tickets to the seminar so i had no more money on the credit card
cheers
shaunLead, Follow or get out of the bloody way
yes i am
my bid, 350 dollarsLead, Follow or get out of the bloody way
damn you mike!
alright 345 dollarsLead, Follow or get out of the bloody way
i didnt realise any legal implications, i was just goofing around. alright, he can just sign it to his bestest buddy ever then.
please dont read into my previous emails as if i was trying anything sinister, that was certainly not the case.
thanks for the warning though, i appreciate you pointing this out to me.
cheers
shaunLead, Follow or get out of the bloody way
alright, new bid, 335 dollars.
but i now want the book to be signed
“to my bestest buddy ever, who i couldnt have gotten where i am without your help”
cheers
shaunLead, Follow or get out of the bloody way
